China Petroleum and Chemical Corp., or Sinopec, raised its ex-works butadiene price across the country by Yuan 300/mt, 3.3%, to Yuan 9,300/mt, sources close to the company said Wednesday.
On an import parity basis, the new Sinopec price is calculated at $1,249/mt.
This is the second time in June that Sinopec has raised its butadiene ex-works price. Last Tuesday, Sinopec raised its butadiene price by Yuan 200-300/mt across China to Yuan 9,000/mt.
The move by Sinopec follows a strengthening Asian butadiene market. Early Wednesday, the FOB Korea butadiene price was hovering around $1,350/mt, after a spot cargo traded at that level. On Tuesday, the FOB Korea butadiene price benchmark was assessed unchanged day on day at $1,290/mt, according to Platts data.
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– Platts.com
